ENOC Group, Quantafuel and Dubal Holding LLC have signed a Memorandum of Understanding (MoU) to study the potential of establishing and operating Plastic-to-Liquid production plants turning plastic waste into valuable products and a step towards a circular economy.
His Excellency Saif Humaid Al Falasi, Group CEO, ENOC said “This agreement strongly supports the UAE’s strategic initiative to make a significant contribution to global sustainability, and we are privileged to take part in this journey with Quantafuel and Dubal Holding. Driving innovation and implementing sustainable operations is at the heart of what we do, and we look forward to exploring opportunities which will help build a sustainable, circular economy.”
The UAE recently announced “The UAE Net Zero by 2050 Strategic Initiative”, a national drive to achieve net-zero emissions by 2050. The initiative aims to promote dynamic economic growth alongside positive environmental impact. Dubai’s proposed Waste-to-Energy Project, which is likely to get commissioned by 2024, is expected to convert 1,900,000 tonnes of waste per year. This project will be a major step in supporting the environment by redirecting the plastics from landfills and oceans in order to achieve Dubai government’s objective of zero waste going to landfill by 2030. The Plastic-to Liquid project with Quantafuel will be a significant step towards a circular economy by converting non-recyclable plastics into valuable products.
“We are very happy to join forces with Quantafuel, a company that not only brings in a leading technology for converting plastic waste into valuable products, but also has extensive knowledge in plastic sorting and other means of recycling. Our vision is to pursue investments that champion recycling and sustainability and this partnership will help us on the way to build a circular economy in the UAE,” says Ahmad Bin Fahad CEO of Dubal Holding.
“Quantafuel’s international presence keeps growing and I am very excited to be working with such strong partners as Dubal Holding and ENOC. Together, we can really make a difference and tackle the plastic waste in the region while at the same time creating valuable resources. We are also happy that our collaborating E&C Contractor SAIPEM has agreed to work with us on this exciting journey,” says Quantafuel’s Chief Commercial Officer Chris Lach.
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Dubal Holding LLC, a 100% subsidiary of Investment Corporation of Dubai ( ICD) is an investment holding company focused on Utilities, Non Ferrous Metals , Recycling & Industrial products to support the lndustrialization in UAE thru localization initiatives.
SAIPEM is a leading company in engineering, drilling and construction of major projects in the energy and infrastructure sectors, a global solution provider present in over 60 countries worldwide and 31,000 employees of 130 different nationalities.
Quantafuel is a technology-based recycling company converting waste plastics back into low-carbon synthetic oil products replacing virgin oil products. Quantafuel is establishing, operating and owning dedicated plastic-to-liquid (PtL) plants and plans to establish several plants throughout Europe and beyond.
Emirates National Oil Company Limited (ENOC) L.L.C. is a leading integrated global oil and gas player operating across the energy sector value chain. A wholly owned company of the Government of Dubai, ENOC was initially established in 1993. The ENOC Group comprises more than 30 related subsidiaries involved in refining, lubricant blending, storage, aviation and retail. Servicing thousands of customers in over 60 markets, the Group employs a multi-national workforce of over 11,000 employees and is deploying its world-class customer service, latest innovations and technologies as well as best practices to empower the UAE’s social and economic development. ENOC is the Official Integrated Energy Partner of Expo 2020 Dubai. For further information, please visit: www.enoc.com
